The Pirate Bay scooped up by Swedish software company

Swedish software firm Global Gaming Factory X (GGF) announced that it is in the process of acquiring The Pirate Bay for about $7.8 million  about half of which will be paid in cash. GGF owns a band of Internet cafes and gaming centers. The company hopes to see the deal close by August, after which it will introduce a new business model. Already, GGFs shares have skyrocketed in response to the news.

Not only must the new model comply with law, it must satisfy the content providers, broadband operator and end users. GGF hopes to deploy a model which will compensate copyright owners for downloadable content. The companys CEO, Hans Pandeya feels that in addition to paying content creators, file sharers need quicker transfer rates and overall better quality.

If you want a glimpse of whats to come, GGF has also announced the acquisition of Peerialism, a company which has developed a next generation file-sharing technology.